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RBS student overdraft

Just wondering how this works. I'm in my 4th year of having a student account and never applied for an overdraft before but I may need one in the near future

Will any letters get sent home? I'd really prefer my parents didn't know about this.

Also, is there any chance I can be declined for an overdraft even though it's a student account?

Reply 1

Tanqueray91

Original post by orange crush

Ok, so, you can quickly apply for the £500 interest free overdraft with your student account as long as you've got over £750 paid in every 6 months (with SFE that shouldn't be a problem!), and you debit it at least 3 times a year (with day-to-day transactions, not a problem!). You also must be a UK resident.

You can apply for this via online application here. It's always worth reading the finer print on these things, and if you wanted to talk it through going into branch should help!

When you stop having a student account, you will then be charged per RBS standard charges for anytime you use your overdraft. With regard to letters, that depends on RBS policy, but I would assume you will receive a letter from RBS if the application is granted. However, this shouldn't look any different to standard letters from RBS on the outside, and so unless your parents open up your mail, they shouldn't find out!